The Guinean economy is dominated by the agricultural sector and other livestock related activities. The country is known for its bauxite reserves and constitutes a quarter of the world's bauxite. It is the second-largest producer of bauxite and contains heavy deposits of gold and diamond. The unemployment rate in Guinea in 2020 is around 4.25% and is expected to increase due to the pandemic situation. The country is known as the land of fruit, faith, and freedom.
Guinea was formerly known as French Guinea and now known as the Republic of Guinea and is one of the largest countries located in Africa. The agricultural sector rules the economy of Guinea along with the mineral production. The economy was hit hard during the outbreak of Ebola in the year 2014. Other industries in the country include energy, communications, and fishing.
Overview of Guinea
As of 2020, Guinea has the 156th position in the world according to nominal GDP (Gross Domestic Product). The economy is dominated by the service sector with a share of more than 42% and followed by the industrial sector with a share of 38.4%, and then by the agricultural sector with 19.5%. The economy of the country is below average compared to other countries.
Total population - 13.1 million
GDP – US $15.46 billion (FY 20)
The GDP growth rate has increased slightly by 0.1 % in the year 2020 and has reached a valuation of US $15.46 billion. The rate is expected to reach 5.6% by the end of 2021. The unemployment rate in Guinea is 4.25% and is expected to increase in the coming years. It will take some time to reduce the unemployment rate of the country.
The service sector rules the Guinean economy. But around 84 % of the local population is employed by the agricultural sector. The other major industries include mining, manufacturing, foreign exchange, communication, energy, and fishing. The mining industry contributes heavily to the country's economy due to the natural reserves of bauxite and aluminum production.
A brief glimpse of the industries
- One of the major industries of the country is the mining industry. The country is rich in deposits of bauxite, gold, iron ore and diamonds. Bauxite is the most important natural reserve of the economy of Guinea. 80% of Guinea's foreign exchange is because of the country's is due to bauxite mining industries and aluminum industries. There is a wide range of opportunities for jobs in this sector.
- Another major industry is the communication industry. The country is not highly developed when it comes to innovation in communication and has a poor telecommunication system due to poverty. It is constantly trying to develop its communication system, which opens job opportunities in this sector.
- The agricultural industry is another major industry where most of the local population relies. Major agricultural products produced by the country include pineapple, sugarcane, cassava, rice, corn, and coffee. 84% of the labor forces are employed in this sector.
Cost of living in Guinea
The cost of living in Guinea is affordable and cheap compared to the other countries. The average cost of living in Guinea is about 1.74 times less expensive than the world's average. The city is a good place to live in for the expats even though there are slight difficulties.
The following table depicts the average cost of living in Guinea in 2021.
Salary structure for various roles
The table below highlights the average annual salaries that are offered to employees in Guinea according to different sectors: -
Cost of Renting in Guinea
A variety of factors like location and size of the house determine the cost of renting in Guinea. Rent for a one-bedroom apartment is around US $866.67 and for a three-bedroom is around US $1400. This may vary depending upon the region. The cost-of-living increases when the quality and lifestyle improve.
Cost of living depending upon your location
Mentioned below is the average cost of living across the leading cities of Guinea: -
The top sectors that are expected to hire in 2021 in Guinea are: -
Top skills in Guinea
Different types of skills can help a person acquire a job in Guinea. As the country is dominated by the service sector, there are job opportunities welcomed in this sector. Guinea hires enthusiastic job seekers who have skills in IT and communication fields. The country opens many job opportunities for job seekers with excellent hard skills and soft skills.
Major skills and areas which have witnessed a recent growth rate
Top skills city-wise occupation-wise
Each country is different and has its quality, making them capable of certain industries. The cities create different job opportunities for job seekers.
- Conakry – Conakry is the largest city and the capital of Guinea. The city is the financial, economic, and cultural hub of Guinea. The main industries in the city include communication, manufacturing, and other service sectors. The annual average salary in Conakry is around US $560.
- Nzerekore – Nzerekore is the second-largest country in the country. The city is the economic and commercial center and is known as the market town. The major industries are agriculture, transport, teaching and other service sectors. The annual average salary in Nzerekore is around US $495.
- Kankan - Kankan is the third-largest city in the country. The city is known for the biggest mining companies. The other industries are railway and transport, Science and Technology and Communication sectors. The annual average salary in Kankan is around US $715.
Recruiting employees is a tiring and time-consuming process. The employer should be prepared to cover the cost of hiring employees in the whole recruitment process. The factors that affect the cost of hiring include:
- Interview processes and the cost
- Hiring steps and onboarding expense
- Training expense
- Time invested
Employment laws in Guinea
Guinea has a regulated employment system. Various factors like work hours, penalty rates, and overtime pay have all been diverse depending on the industry. The Labour Code of the Republic of Guinea regulates the following employment aspects –
- Minimum wage
- Regular pay
- Paid and unpaid leaves, annual leaves
- Discrimination Protection
- Employee privacy
The laws and regulations that govern the employment relationships in Guinea are based upon
- Common laws
- Security laws
- Privacy protection laws
- Legislation laws
How Can Skuad Help You with Hiring in Guinea?
Acquiring the best talent in Guinea requires you to abide by all the rules and guidelines specified by the authorities. You must also understand the industry norms along with the prevailing labor laws. Rather than investing your time and resources in this exercise, you should focus on other productive channels. With Skuad, all your recruitment-related requirements are taken care of. Connect with Skuad Experts to know more.